Govt to divest 26% stake in BEML; EoI submission open till March 1

The sale could fetch the government Rs 1,055 crore, according to the company's share closing price on Friday

The Centre on Sunday invited bids for strategic divestment in BEML, four years after the Cabinet approved divestment in the company.

The government will sell 26 per cent out of the total 54.03 per cent stake it holds in the company along with transfer of management control, according to the preliminary information memorandum released by the Centre.

Last Monday, the Core Group of Secretaries on Divestment had approved sale of government stake in the company that has interests in defence, aerospace, mining and rail.

The sale would push the Centre’s privatisation drive at a time when the government wants to limit PSU presence,